Evolving Products Into New Businesses - International Institute Of Business Analysis

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A 2-hour workshop sharing some fundamental principles from the startup world, and some specific techniques around undersatnding your options, going to market, and adapting based on what you learn.

A 2-hour workshop sharing some fundamental principles from the startup world, and some specific techniques around undersatnding your options, going to market, and adapting based on what you learn.

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  • 1. turning products to new businesses ! salim@foundercentric.com @SaintSal
  • 2. foundercentric.com @foundercentric
  • 3. – Lean Startup London, 2009 “I wish I knew that sooner.”
  • 4. slow decisions kill startups.
  • 5. what startups can teach us about product spinouts 3 Principles that founders apply Different thinking hats for learning How to decide what to learn.
  • 6. the birthday paradox
  • 7. Title TextFIT or SPEC?
  • 8. Options Detail
  • 9. you don’t know which pieces will be the right combo. yet.
  • 10. DISCOVER VALIDATE
  • 11. A STARTUP RIDDLE A customer wakes up, logs into a new product which they’ve been trying for 2 weeks… and they love it! The trial is over. They don’t buy. Why?
  • 12. LEARN CONFIRM
  • 13. COLLECT ANALYSE
  • 14. OBSERVE EXPERIMENT
  • 15. DISCOVER VALIDATE
  • 16. LEARN CONFIRM
  • 17. INFO COST
  • 18. ACTIONABLE INFO COST
  • 19. ACTIONABLE INFO AFFORDABLE LOSS Look in Affordable Loss by searching for Effectuation
  • 20. learning
  • 21. BUILD LEARN MEASURE Learning Loop - Eric Ries
  • 22. How do we start? We’re building a community of street artists and connecting them to brands.
  • 23. @robfitz
  • 24. What do we build? We want to make a better television.
  • 25. How do we compete? We’re building a word processor and don’t want to get squashed by MS Word.
  • 26. Do you commit the cash? You have a crazy product idea but the manufacturing setup is expensive.
  • 27. Paul Graham Launch fast and iterate. You haven’t really started working on it till you’ve launched.
  • 28. Don’t try to figure out whether the idea is “good” or “bad”. That’s impossible... Roger Martin (paraphrased)
  • 29. Instead, ask what would have to be true in order for it to be a huge success. Roger Martin (paraphrased)
  • 30. Where do we start? We want to launch a support programme for the developing world but we don’t have any contacts.
  • 31. How do you fund it? You want to use tech to modernize a stagnant service industry, but have no runway.
  • 32. How do we get critical mass? We want to grow a marketplace, but we have no inventory, and no team.
  • 33. How do we start a better airline? ! (with no support or money) Let’s think bigger.
  • 34. testing the useful thing.
  • 35. SPOT GAPS UNDERSTAND OPTIONS BALANCE FOCUS & OPPORTUNITY
  • 36. SPOT GAPS UNDERSTAND OPTIONS BALANCE FOCUS & OPPORTUNITY
  • 37. CUSTOMERS
  • 38. REVENUE MODELS
  • 39. VALUE PROPOSITIONS
  • 40. AWARENESS TRIGGER
  • 41. RELATIONSHIP
  • 42. ACTION TRIGGER
  • 43. CUSTOMERS REVENUE VALUE AWARENESS RELATIONSHIP ACTION
  • 44. LONDONERS
  • 45. LONDON RETAILERS
  • 46. CHARGE FOR THE GIFT
  • 47. REAL GIFT, INSTANTLY REDEEMABLE
  • 48. GETTING A GIFT
  • 49. MOBILE
  • 50. RUNNING LATE, MISSED BIRTHDAYS, GOOD NEWS
  • 51. LET’s Go. We’re setting ourselves up to find product/market fit. We’re making ourselves aware of opportunities and options.
  • 52. Who will our next 10 customers be? What goals do they have? What are they trying to do?
  • 53. What needs do your customers have? How can we help?
  • 54. To multiply my customer base by 10, I can attract them through _____________ .
  • 55. What are the different ways we can make money?
  • 56. CONGRUENCY They need to make sense together.
  • 57. do companies need personal contact?
  • 58. IS THE BUYING DECISION TOO COMPLICATED?
  • 59. do pop-ups work for email products?
  • 60. How are customers used to paying for what they buy now?
  • 61. When customers have this problem, or are tackling this task, where do they seek help and advice?
  • 62. Which customers have different expectations about service levels or relationship?
  • 63. Are there customers at the low-end who would pay less for lower performance?
  • 64. How could we increase switching costs?
  • 65. THE BIGGEST RISK FALLACY
  • 66. Will people think of sending a gift from their phone when there’s a gift-giving opportunity?
  • 67. Who will trust GiftCannon?
  • 68. Will people receive a gift over their mobile?
  • 69. THE FASTEST LEARNING ! ! ! THE BIGGEST RISK or
  • 70. Will people receive a gift over their text message?
  • 71. Will people receive a gift over their Facebook?
  • 72. Send a gift with a link over email or Facebook.
  • 73. Will recipients redeem their gift?
  • 74. Will shops work with us to redeem gifts?
  • 75. Will gift recipients stick around and start sending gifts themselves?
  • 76. ACTIONABLE INFO AFFORDABLE LOSS
  • 77. it’s tough to get critical mass in london. so jordan moved the business to oxford to learn.
  • 78. But will this work beyond students?
  • 79. invest in info. decide fast. adapt frequently.
  • 80. Founder Centric HERE TO HELP! Salim Virani salim@foundercentric.com @SaintSal !